[ET Net News Agency, 21 January 2020] DBS Group Research raised its target price for
CNOOC (00883) to HK$17 from HK$16 and maintained its "buy" rating.
The research house said CNOOC continues to impress the market with stronger production
in 2019 and uplifted its 3-year targets in the company's yearly strategy guidance.
DBS deemed CNOOC top pick in the upstream oil & gas sector, given its world-class
execution and cost-control capabilities as well as acceleration of output growth to 6-7%
CAGR between 2020 to 2025. The stock also offers an attractive dividend yield of 5%. (KL)